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Capri Holdings Ltd CPRI

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Morningstar’s Analysis

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No-Moat Capri’s Profitability Is Rising as Price Increases Hold; Shares Fully Valued

David Swartz Equity Analyst

Analyst Note

| David Swartz |

Capri outperformed our profitability estimates in fiscal 2022’s (September) second-quarter as strong pricing generated an adjusted gross margin of 67.6%, nearly 4 percentage points above our forecast. We expect to lift our fair value estimate of $51 on its shares by a high-single-digit percentage but view them as overvalued after a low-double-digit jump on the news.

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Company Profile

Business Description

Michael Kors, Versace, and Jimmy Choo are the brands of Capri Holdings, a marketer, distributor, and retailer of upscale accessories and apparel. Kors, Capri’s largest brand, offers handbags, footwear, and apparel through more than 800 company-owned stores, wholesale, and e-commerce. Versace (acquired in 2018) is known for its ready-to-wear luxury fashion, while Jimmy Choo (acquired in 2017) is best known for women’s luxury footwear. John Idol has served as CEO since 2003 but will be replaced in the position by Joshua Schulman in late 2022.

33 Kingsway
London, WC2B 6UF, United Kingdom
T +44 2076328600
Sector Consumer Cyclical
Industry Apparel Manufacturing
Most Recent Earnings Sep 30, 2021
Fiscal Year End Apr 2, 2022
Stock Type
Employees 13,800